Dollar To Naira Exchange Rate Today, 4th July 2022

Friday, 1st July: This is the news about the Dollar to Naira rate at the official and black market exchange rate.

Read Naija News update on the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Friday, July 1st, 2022, for $1 dollar to naira = ₦421.60/$1.

According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦421.60/$1 on Friday 1st after it closed at ₦425.05  to a $1 on Thursday, 30th June 2022.

Naija News reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.

How much is a dollar to naira today in the black market?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N600 and sell at N608 on Friday, 1st July, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦421.60/$1 on 1st July, 2022 and closed at ₦425.00/$1. Showing a change of –0.01% and a daily turnover of $78.86 million.

According to data from FMDQ, forward rate went as high as ₦427.85 and as low as ₦400.00.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦411.10.

A spot exchange rate is the current price level in the market to directly exchange one currency for another, for delivery on the earliest possible value date.

NCC Records 413% Rise In Data Usage Despite Low Broadband

The Nigerian Communications Commission has recorded an increased in data usage despite boasting a less than 50 per cent broadband penetration in four years.

According to NCC, Nigeria’s Internet data usage increased from 68,154.12 terabytes in 2018 to 350,165.39 terabytes and a broadband penetration increased from 19.97 per cent (38.12 million) in January 2018 to 40.88 per cent (78.04 million) in 2021.

There was also rise in GSM Internet subscribers from 100.23 million in January 2018 to 141.62 million.

When data usage increased from 68,154.12TB in December 2018 to 125,149.86TB as of December 2019, the NCC had said, “The increase in data usage is directly linked to the increased Broadband penetration in the country within the year.

‘The commission provided the necessary regulator support for Operators to implement the various initiatives within the year that increased data usage in the country.”